Union Commerce and Industry Minister Piyush Goyal met with US Commerce Secretary Howard Lutnick to discuss the progress of the India-US Bilateral Trade Agreement. In a post on social media, Goyal described the meeting as productive and focused on expediting the first phase of the agreement. He had earlier stated that discussions with the US were moving steadily in a positive direction, reflecting a strong commitment to strengthening trade ties between the two countries.
Goyal emphasized the complementary nature of the India-US economic relationship, noting that the two countries rarely compete directly in trade. Instead, he said, India benefits from American technology and innovation, while the US finds value in Indian manufacturing. He described the partnership as “contemporary and win-win,” pointing out India’s economic growth potential from a \$4 trillion to a projected \$35 trillion economy by 2047 as a major opportunity for deepening collaboration.
India and the US aim to finalise the trade agreement by fall 2025. Trade between the two nations has already seen an uptick, with Indian exports rising to \$86.5 billion and imports at \$45.3 billion in 2024–25, resulting in a \$41 billion surplus. During a meeting in February 2025, Prime Minister Narendra Modi and former President Donald Trump launched “Mission 500,” a shared goal to raise bilateral trade to \$500 billion by 2030, focusing on growth that promotes innovation, resilience, fairness, and national security.
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